Business: A Stage Two with Teeth?

Some possibilities: guidelines—pardon, standards—and more budget cuts

Though the U.S. inflation rate has slowed a bit from its double-digit pace of the second quarter—wholesale prices actually dropped a trifle in August—President Carter and his economic advisers are under no illusion that they can claim any credit. Quite the contrary: consumer prices for the year are likely to rise 8% or even more, and the Administration is feeling public fury. As S. Lee Kling, chief deputy to Anti-Inflation Czar Robert Strauss, told fellow policymakers on returning from a trip, "You guys wouldn't believe what's happening...